Bury have been expelled from the EFL after 125 years as a proposed takeover to save the club collapsed.

The EFL confirmed on Tuesday that a proposed takeover from C&N Sporting Risk was off - but three new bids were later launched for the League One side.

And the Shakers have now been expelled from the EFL for failing to prove their financial viability.

A statement by the EFL said: "The EFL Board met earlier this evening and, after a long and detailed discussion, determined that Bury FC’s membership of the English Football League be withdrawn after the deadline passed at 5pm today (Tuesday 27 August) without a successful resolution.

"Despite repeated requests to its owner Mr Dale over a sustained period of time, the necessary evidence in respect of how the Club would meet its financial commitments, has simply not been provided and, as a result, attentions turned to securing new ownership at the Club.

A Bury supporters inside Gigg Lane (Image: Getty)

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"At its meeting on 24 August 2019, the Board agreed a short extension to 5pm today (Tuesday 27 August) to enable Mr Dale and the Club to explore the possibility of a proposed sale with C&N Sporting Risk Limited, with Mr Dale having accepted their offer. Following due diligence, C&N Sporting Risk Limited opted not to pursue its interest.

"Therefore, having fully considered all available options, including a number of late expressions of interest provided to the EFL, the EFL Board has unanimously determined with enormous regret that Bury’s membership be withdrawn."

Owner Steve Dale had accepted an offer from C&N Sporting Risk but it was announced the takeover had collapsed.

An EFL statement read: "The EFL Board has been informed that C&N Sporting Risk will no longer be pursuing their interest in Bury FC.

Gates are locked at Gigg Lane (Image: PA)

"The League announced at the weekend that it was working exclusively with the Club and C&N in an attempt to finalise a change of control at the Club. However, following a period of due diligence, C&N have opted not to progress matters."

Bury have had to postpone five League One fixtures and an EFL Cup tie so far this season.

Hundreds of volunteers joined Bury fans at Gigg Lane on Monday to help clean the stadium in preparation for Saturday's proposed match with Doncaster.

The club had been on the verge of going out of business (Image: PA)

Fans were warned shortly before the 5pm deadline that any fans found to have trespassed at Gigg Lane would be dealt with by police.

Bolton, meanwhile, have been given a 14-day reprieve by the EFL.

Wanderers have 14 days to 'meet all outstanding requirements' or be expelled from the Football League.

The Trotters are in the financial mire and now face the very real possibility of losing their 145-year history.

Young Bolton fan Ben Eccleshare helps clean Gigg Lane

A statement from the EFL said: "Despite further exchanges with the Administrators over the course of the Bank Holiday weekend, and right up until today’s deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.

"The EFL Board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the Club entered administration in May 2019.

"As per the League’s Articles of Association, this will now give the Club 14 days (11.59pm on 12 September, 2019) to meet all outstanding requirements of the League’s insolvency policy or its membership in the EFL will be withdrawn."